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12 Aug, 2019

Counterfeit manufacturers of fake credit card blanks

Counterfeit manufacturers of fake credit card blanks (as pictured above) are already seeing a significant decrease in demand with the recent launch of EMV in the US. At the same time, fraud prevention companies associated with online credit card fraud can expect a huge increase in demand for their services. "One of our retail chain merchants for example, has always experienced counterfeit card use in their retail stores. They are now seeing a significant shift of the the fraud move onto their website." While in-store fraudulent purchases may have gone down in the last few months (thanks to EMV), the merchant is now being hit hard with fraud on their website. Aside from the shift factor, the merchant is liable for eCommerce fraud while they were never liable for the use of counterfeit cards in their stores. With the introduction of EMV, Card issuers are winning while merchants will continue to lose even more to card fraud. According to the UK Cards Association, an industry group, Britain, which began shifting to chip cards in 2001, online fraud rose 55 percent from 2005 to 2008. 

Just think about it. We all need to make a living - fraudsters too. Many fraudsters have little knowledge to earn a living other than buying stolen card numbers and using it to buy and sell merchandise. This is what they may have been doing for the past 10 years for a livelihood. EMV forces these fraudsters to move their fraud tactics away from face-to-face use and use the card numbers online. It’s inevitable it will happen. EMV will encourage fraudsters to move to new areas of vulnerability. The crooks tend to go where there’s less security. It's logical and that's been the pattern elsewhere,